In a move consistent with its drive to continually develop its port facilities around the country and to deliver increased commercial property provision, ABP has acquired Neptune Works, the 190,000 sq ft former engineering works on a 10-acre site adjacent to its existing holdings at the Port of Newport.
ABP is the UK’s leading port operator, with a network of 21 ports across England, Scotland and Wales and its Newport Dock is the biggest general trading port in South Wales, handling predominantly timber, steel and animal feeds.
Commenting on what has become 2018’s largest industrial property transaction in South Wales to date, Rhys Morgan, Head of Property for ABP in South Wales, said:
“The Neptune Works lies adjacent to the northern-most part of the Port and its acquisition makes perfect sense – to enhance access to the Port, enable us to expand by adding good quality storage accommodation or by letting it to a third party.
“For instance, its size, height of access, cranes and yard space make it potentially attractive to accommodate plant and engineering works for some of the major infrastructure projects proposed or under way in South Wales and the South West, such as the M4 works and Hinkley.”
ABP has invested significantly in Newport over the past few years, in schemes including new warehousing facilities, open storage areas, and additional rail sidings.
Neil Francis, partner at property consultancy Knight Frank which represented the private vendor in the sale, said:
“The abolition of Severn Bridge tolls at the end of this year has put Newport firmly in the spotlight and properties in the area with good access to the M4 have huge appeal.”
The Neptune Engineering Works was established early in the 20th century and soon after became Braithwaite & Co, Neptune Works. The works specialised in structural steelwork and continued to do so as part of the Rowecord group. It was more recently used by AIC Steel.